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Dec 28, 2012
12/12
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coming up, beyond the fiscal cliff, 90 new members of congress are on the way to washington and the new year. we're going to what the new makeup of capitol hill will mean for taxes, spending and everything else. this is $100,000. we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your money needs an ally. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. [ male announcer ] now all you need is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. >>> welcome back to "squawk box." in the headlines this morning, as the fiscal cliff approaches congressional leaders a
coming up, beyond the fiscal cliff, 90 new members of congress are on the way to washington and the new year. we're going to what the new makeup of capitol hill will mean for taxes, spending and everything else. this is $100,000. we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your...
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Nov 30, 2012
11/12
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had is happening on a day when we have not heard anything good about the fiscal cliff coming out of washington. first time the markets are ignoring any of that talk and powering on through. we will see if that continues as we get through the rest of the day. rick santelli is standing by at the cme in chicago. rick, we have been waiting for the numbers and waiting for something else to chew on. we will send it to you now. >> all right. well, here's a little extra chew for you. personal income for october, goose egg. unchanged. personal spending, spending side of the equation, down .2. not a model formula for the way we would like to see this number come out. i personally would like to see it come up big and spending down about where it is. you know, get the credit side back in order, personal balance sheet. anyway, down .2. unchanged on income. no revisions. we could look at all the internals but i have personally -- whether it is deflator, person a consumption expenditure. i don't see a lot there. personal consumption, expenditure core, up .1. all these are in line. what we walk away with here
had is happening on a day when we have not heard anything good about the fiscal cliff coming out of washington. first time the markets are ignoring any of that talk and powering on through. we will see if that continues as we get through the rest of the day. rick santelli is standing by at the cme in chicago. rick, we have been waiting for the numbers and waiting for something else to chew on. we will send it to you now. >> all right. well, here's a little extra chew for you. personal...
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Nov 15, 2012
11/12
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about the fiscal cliff dominating conversations from wall street to washington. i sat down, we'll go back to barney frank yesterday and we talked about it. take a listen to what he had to say. >> sequestration is a terrible idea and that could be very disruptive and if we go in to sequestration, yeah, i think that's awful. if the taxes run up on everybody for a month or two, it would be a temporary bump, it would be slowing down the expansion which i think is coming but you could undo it. >> i want to get everybody at the table to react. we have george p. bush, jared bernstein and wilbur ross. if we go off two or three weeks like he says does that make sense to you? >> the encouraging positive news is we can retroactively apply an entitlement reform package apply beginning january 1 where the day after the budget control act takes place we can mitigate the effect of falling off the cliff or the slope or however we want to characterize it, but as we were discussing before, that's not the ultimate ideal situation. >> who has more leverage after january 1st? >> a lo
about the fiscal cliff dominating conversations from wall street to washington. i sat down, we'll go back to barney frank yesterday and we talked about it. take a listen to what he had to say. >> sequestration is a terrible idea and that could be very disruptive and if we go in to sequestration, yeah, i think that's awful. if the taxes run up on everybody for a month or two, it would be a temporary bump, it would be slowing down the expansion which i think is coming but you could undo it....
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Dec 6, 2012
12/12
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summers thinks of the fiscal negotiations in washington. he'll rise above with becky and joe. maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. [ female announcer ] introducing u the latest coffee machine from nespresso. modular. intuitive. combines espresso and fresh milk. the new u. nespresso. what else? available at these fine retailers. i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. [ male announcer ] break from the holiday stress. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges
summers thinks of the fiscal negotiations in washington. he'll rise above with becky and joe. maybe new buildings? what about updated equipment? they can help, but recent research shows... ... nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. [ female announcer ] introducing u the latest coffee machine from nespresso. modular. intuitive. combines espresso and...
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Dec 12, 2012
12/12
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. >>> speaking of the fiscal cliff, walmart ceo mike duke says the fiscal cliff debate is having an impact on consumers. speaking to the council on foreign relations last night, duke said what's going on in washington is affecting his customers' holiday shopping plans. >> the week before the election, only 1/4, 25% of our core customers even knew what fiscal cliff meant. one week after the election, it was up to 75%. now these same customers, 15% of our customers are telling us this discussion about fiscal cliff will affect what they spend on christmas. >> walmart shares trading near a 52-week high. i was at the event last night. there were -- >> you were? >> uh-huh. >> what was it? >> the council on foreign relations. >> really? >> i'm a member. >> yeah. you're kidding me. >> no. >> that's why you're our international correspondent probably. >> yeah. >> you got the chops. you got the -- >> yeah. there were 100 protesters outside last night. and i asked every single one udo you work at walmart. not one worked at walmart. i was just -- >> who were they? >> a lot -- looked like college stude
. >>> speaking of the fiscal cliff, walmart ceo mike duke says the fiscal cliff debate is having an impact on consumers. speaking to the council on foreign relations last night, duke said what's going on in washington is affecting his customers' holiday shopping plans. >> the week before the election, only 1/4, 25% of our core customers even knew what fiscal cliff meant. one week after the election, it was up to 75%. now these same customers, 15% of our customers are telling us...
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Nov 20, 2012
11/12
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with the fiscal cliff? what do you think? oh, two kevins. ferry will talk about like chip spreads or something. their effect on the serbian dollar. i don't know. >> market was fairly well oversold. as we look out into 2013, we certainly have the fiscal cliff that's there, but beyond that, we have a barometer that we track for fundamental conditions and that's improved for a couple months now. so that's a hopeful sign. and the market has come in pretty sharply from where we were a month or so ago. so i think we have decent valuations. >> what do you think politically finally happens? your opinion doesn't matter to anyone else obviously, we all have our opinions, but does it end up with a simpson-bowles type agreement sn. >> first you have to get us away from the crisis of january. $700 billion hits to the economy, which is the sum total. ultimately the bigger question is what do we do with debt and deficits. the cbo has us with massive increases in taxes, very small increases in spending. and as a result, th
with the fiscal cliff? what do you think? oh, two kevins. ferry will talk about like chip spreads or something. their effect on the serbian dollar. i don't know. >> market was fairly well oversold. as we look out into 2013, we certainly have the fiscal cliff that's there, but beyond that, we have a barometer that we track for fundamental conditions and that's improved for a couple months now. so that's a hopeful sign. and the market has come in pretty sharply from where we were a month or...
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Dec 27, 2012
12/12
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the fiscal cliff is not the only ticking clock in washington. in a letter to congress treasury secretary tim geithner said the u.s. would hit the $16.4 trillion ceiling on monday. without extraordinary measures geithner announced that the treasury would begin accounting moves that would keep the government from hitting its credit limit for about two months. the treasury secretary warning that it's hard to predict exactly how much time the accounting moves will buy, because ongoing cliff negotiations make it hard for them to forecast revenue and spending for next year. >>> housing prices, some good news. on track to record their first yearly gain since 2006. it's a front page piece in "the wall street journal." it describes what is the strongest performance since the housing bust. the trend could accelerate this rebound we've seen in real estate. reason for the improvement, growing demand, shrinking supply, banks have slowed down foreclosures, and says here become more aggressive at modifying loans, or approving short sales. meantime, weak home c
the fiscal cliff is not the only ticking clock in washington. in a letter to congress treasury secretary tim geithner said the u.s. would hit the $16.4 trillion ceiling on monday. without extraordinary measures geithner announced that the treasury would begin accounting moves that would keep the government from hitting its credit limit for about two months. the treasury secretary warning that it's hard to predict exactly how much time the accounting moves will buy, because ongoing cliff...
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Dec 31, 2012
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fiscal cliff. if a deal is not reached to avoid the fiscal cli by january 2nd, automatic domestic and military spending cuts will kick in and the pentagon will be forced to cut $9 million in spending. >> if lawmakers can't avoid the fiscal cliff, they may be able to avoid a different cliff, the dairy cliff. house and senate members appear likely to extend farm legislation for a year, a deal that would keep milk prices skyrocketing in january. we were worried about $6 gallon of milk. it could keep a decades old subsidy from coming back to life. the usda would be forced to buy milk at prices well above what farmers were getting now if the subsidy was revived. it could double the price of moib to $6.12 a gallon. >> markets have been reacting to each move on capitol hill, but obviously, things at this point are looking like the dow would open down by about 7.5 points. the dow is off 67 points and the nasdaq is down 14.75 points. all the surprised given the late hour that -- >> even if something doesn't
fiscal cliff. if a deal is not reached to avoid the fiscal cli by january 2nd, automatic domestic and military spending cuts will kick in and the pentagon will be forced to cut $9 million in spending. >> if lawmakers can't avoid the fiscal cliff, they may be able to avoid a different cliff, the dairy cliff. house and senate members appear likely to extend farm legislation for a year, a deal that would keep milk prices skyrocketing in january. we were worried about $6 gallon of milk. it...
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Dec 19, 2012
12/12
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plus, we'll also be talking more about what's at stake in washington and how the fiscal cliff is likely to effect investment decisions. we have value investor leon cooperman, he's going to join us on set starting at 7:00 eastern time. then at 8:00 eastern, we have black op co-founder and ceo ralph schlosstein. and lynn hutchins will join us. we'll talk about what they see playing out and what they think is working when it comes to the markets now. >> the bill that the president says is in the house that he will sign if -- that's in the senate -- >> the senate. >> the senate that he will sign if the house passes it is what? >> that is $. >> -- that is 250? >> 250? >> he said 400. he said, i have the pen, let's keep tax rates where they are for everyone at 250 and below. so this one, that's c these guys are pretty clever because that would keep rates where they are for everyone at a million and below. no middle-class taxpayers up to a million dollars -- >> that's no matter what, isn't it, in either bill? >>yon r -- i think it would be the same in either one. that's not -- what reid and i
plus, we'll also be talking more about what's at stake in washington and how the fiscal cliff is likely to effect investment decisions. we have value investor leon cooperman, he's going to join us on set starting at 7:00 eastern time. then at 8:00 eastern, we have black op co-founder and ceo ralph schlosstein. and lynn hutchins will join us. we'll talk about what they see playing out and what they think is working when it comes to the markets now. >> the bill that the president says is in...
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Nov 26, 2012
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senator bob corker out with an op-ed in "the washington post" on how to avoid the fiscal cliff. he joins us from washington. reasonable people i'm hearing it from more and more say that kicking the can is not the way to go and if we have to go over it, we should go over it. i'm hearing that from republicans and democrats. are you picking up on that, too? a lot of people think that just more business as usual is not the way to do it. >> i couldn't agree more. i don't see the need to go over the cliff. the fact is that this congress has had two dry runs. we've scored every kind of option there is both on the revenue side and on the entitlement reform side and what we need to do is make some decisions. this is easy. steve rattner and i could probably work out a solution before lunch today but i'm encouraged that the president and speaker boehner both are showing flexibility. the fact is that this is really easy to do. i've written a 242-page bill, that's it, it's got over $4.5 trillion in savings by the time you include the budget control acts 917 billion we enacted, it replaces se
senator bob corker out with an op-ed in "the washington post" on how to avoid the fiscal cliff. he joins us from washington. reasonable people i'm hearing it from more and more say that kicking the can is not the way to go and if we have to go over it, we should go over it. i'm hearing that from republicans and democrats. are you picking up on that, too? a lot of people think that just more business as usual is not the way to do it. >> i couldn't agree more. i don't see the need...
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Nov 8, 2012
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at 8:40 eastern senator kent conrad will talk to us on how washington can solve the fiscal cliff. "squawk" is coming right back. re that puts us in control. our abundant natural gas is already saving us money, producing cleaner electricity, putting us to work here in america and supporting wind and solar. energy development work comes with some risk, we're committed to safely and responsibly producing natural gas. it's not a dream. america's natural gas... putting us in control of our energy future, now. ♪ nespresso. where there's a coffee to match my every mood. ♪ where just one touch creates the perfect cup. where every cappuccino and latte is made with fresh milk. ♪ and where clothing is optional. nespresso. what else? >>> the markets slide. the dow suffering its biggest one-day loss of the year, but can investors bounce back? we'll ask our guest hosts barry knapp and jason trennert. >>> the push to get a deal on debt before automatic cuts kick in the at the end of the year. >> there's not a thing a sane man would do. the doomsday machine is designed to trigger itself aut
at 8:40 eastern senator kent conrad will talk to us on how washington can solve the fiscal cliff. "squawk" is coming right back. re that puts us in control. our abundant natural gas is already saving us money, producing cleaner electricity, putting us to work here in america and supporting wind and solar. energy development work comes with some risk, we're committed to safely and responsibly producing natural gas. it's not a dream. america's natural gas... putting us in control of our...
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Dec 20, 2012
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. >> we are going to talk about the latest fiscal cliff developments out of washington. but before we get to that, why don't we start with our day anticipates top story. the i.c.e. and the nyse are in talks. the numbers put the price tag at about $8 billion. >> we watched this -- now, you said you were watching this last night with kudlow, right? >> i did. >> did you think david faber? did you think when was book ending? on this, it went up last night. i don't know why this chart is showing no movement. it went up six points. >> yeah, right. >> that wouldn't even bring those -- because we watched. faber was talking about that last night. >> maybe if we show the prior day. >> that was the prior day. >> there's a glitch or something. >> that was the prior day that didn't show the after hours trading card. it was right about 720 been i think, wasn't it? >> and all this followed and it's a big story. >> well, it is. it's interesting because it's nyse euronext. >> and this isn't the first time that i.c.e. did this. >> no. you will are ebb that i.c.e. made a joint unsuccessful
. >> we are going to talk about the latest fiscal cliff developments out of washington. but before we get to that, why don't we start with our day anticipates top story. the i.c.e. and the nyse are in talks. the numbers put the price tag at about $8 billion. >> we watched this -- now, you said you were watching this last night with kudlow, right? >> i did. >> did you think david faber? did you think when was book ending? on this, it went up last night. i don't know why...
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Nov 14, 2012
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. >>> plus, what you need to know about the looming fiscal cliff. >> i know the cliff is unattractive. it would cause a lot of damage to the american economy. >> we're going to explain as the second hour of "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box" on cnbc, i'm becky kwquick along with jo kernan and andrew ross-sorkin. dow up 60 points above fair value and s&p up by about 6 1/2 points above. of course, these markets can be volatile as we learned yesterday as the market moved back and forth and ended up the day down about 60 points for the dow. in our headlines this morning, we have more recall problems for toyota. the automaker is recalling almost 2.8 million vehicles worldwide to deal with two issues. one involves a water pump and the other is a defect in the steering shaft. no accidents have been reported from either one of these problems yet. >>> cisco system shares getting a boost, cisco earned 48 cents a share for the first quarter, 2 cents above estimates, revenue also above consensus, and john chambers cites cost control. and the fed vi
. >>> plus, what you need to know about the looming fiscal cliff. >> i know the cliff is unattractive. it would cause a lot of damage to the american economy. >> we're going to explain as the second hour of "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box" on cnbc, i'm becky kwquick along with jo kernan and andrew ross-sorkin. dow up 60 points above fair value and s&p up by about 6 1/2 points above. of...
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Nov 23, 2012
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it's not just a fiscal cliff. what will we do after that and how do we make progress at chipping away this gigantic debt our country faces so we have a deadline certainly but we have a longer term issue we've all got to work together and the only way that happens is if republicans and democrats work together toward a broader solution and so that's what i'm hopeful will take place. >> terry, quick question about your competitors. you're a leader in this space. we talk about jcpenney and their efforts to turn themselves around and perhaps take a couple of notes from some of the things you're doing. how do you look at what ron johnson is doing? >> i think ron's trying some new things, trying some different approaches and it's going to take time for that to, whether customers vote to see if they like it or don't like it. we had a crystal clear strategy. we organized the entire company. we have people now living in 69 cities around the country that are former buyers and former planning executives that are leading us in
it's not just a fiscal cliff. what will we do after that and how do we make progress at chipping away this gigantic debt our country faces so we have a deadline certainly but we have a longer term issue we've all got to work together and the only way that happens is if republicans and democrats work together toward a broader solution and so that's what i'm hopeful will take place. >> terry, quick question about your competitors. you're a leader in this space. we talk about jcpenney and...
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Nov 13, 2012
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i think this fiscal cliff is a publicity stunt by publicity seeking politicians in washington who love air time on shows like this. >> how can you deny if you add up the expiration of the tax cuts and the sequester, it takes that much money out of the economy. >> no, i'm not denying it at all, joe, it's just not going to happen. ideologically passionate as the left and right are on both extremes they're not dumb enough to push -- >> the true ideologues on both side want to go over the cliff. i could make a case. >> let's push them over the cliff and find the guys in the middle who are going to save the system from going into a recession. >> we had a guy yesterday who said the growth you would get when you unleash the 1.7 trillion on corporate balance sheets from the certainty of paying down our deficit and of reining in our spending that would overcome the near term austerity. we call it a cliff here. we call it austerity in europe, telling the greeks to go over the fiscal cliff. >> i don't buy the idea that all of a sudden the animal spirits are going to get unleashed. demand is the k
i think this fiscal cliff is a publicity stunt by publicity seeking politicians in washington who love air time on shows like this. >> how can you deny if you add up the expiration of the tax cuts and the sequester, it takes that much money out of the economy. >> no, i'm not denying it at all, joe, it's just not going to happen. ideologically passionate as the left and right are on both extremes they're not dumb enough to push -- >> the true ideologues on both side want to go...
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Nov 27, 2012
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here in washington the fiscal cliff is an abstract policy debate but in the southwest ohio congressional district of john boehner, the house speaker, which i visited last week, a tip back into recession would cause real economic pain. middle town and rest of southwestern ohio is working its way back economically from the long-term loss of manufacturing jobs and troubles in the auto industry. the last thing this area needs now is another economic setback from the fiscal cliff. house speaker boehner and his colleagues in the congressional leadership have sounded conciliatory notes about prospects sounds like good news at the local chamber of commerce at middletown but only up to a point. >> i want to be confident. i want to be optimistic. i think i would rathering reserr be reserved at this point. >> steve has a petroleum distribution business that like ohio's economy is doing well. he's known boehner for years and believes the speaker wants to make a deal with president obama to avoid the fiscal cliff and impact on average families but he's seen washington's dysfunction and has his doubts
here in washington the fiscal cliff is an abstract policy debate but in the southwest ohio congressional district of john boehner, the house speaker, which i visited last week, a tip back into recession would cause real economic pain. middle town and rest of southwestern ohio is working its way back economically from the long-term loss of manufacturing jobs and troubles in the auto industry. the last thing this area needs now is another economic setback from the fiscal cliff. house speaker...
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Oct 23, 2012
10/12
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i have to tell you something, if this fiscal cliff becomes reality all 535 people in washington should be kicked out. it is absolutely reckless to have this country's economy held hostage to an inability to get anything done. >> ron, who do you think the market is expecting is going to win right now? >> the market thinks obama is going to win. that's clear, but -- >> with the fiscal cliff ahead of us and yet look where the market's gone. >> correct. the market i think is underestimating the risk of the fiscal cliff if obama gets elected and that's because tax policy starts in the ways and means committee and the house of representatives. that's controlled by the republicans and i don't think it's even compromising on this issue, but this election's going to be very close. >> we're going to leave it there. ron thank you for being here. >> thank you. >>> coming this up worn's top stories, quarterly results from 3m and ups plus reaction to last night's debate. stay tuned. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in
i have to tell you something, if this fiscal cliff becomes reality all 535 people in washington should be kicked out. it is absolutely reckless to have this country's economy held hostage to an inability to get anything done. >> ron, who do you think the market is expecting is going to win right now? >> the market thinks obama is going to win. that's clear, but -- >> with the fiscal cliff ahead of us and yet look where the market's gone. >> correct. the market i think is...
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Nov 29, 2012
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beyond the fiscal cliff. he's got lots of views. >> does he pull punches about bernanke? >> there's a couple comments i think we'll run in the 7:00 or 8:00 hour, he's diplomatic about it, but if you listen very carefully, i think you know where he stands on a lot of the stuff. he talks about the punch bowl and having to take around the punch bowl before -- >> the lead story in the journal -- >> the fed stimulus. we're back again. >> operation twist is supposed to be up january 1st. >> he's also got interesting theories on the volcker rule and banks still. so we'll be running some of that throughout the broadcast. >>> in corporate news, rio tinto plans to cut cost and sell more assets. and two audit firms are now being sued regarding the acquisition of hp. shareholder law side has named deloitte and kpm claiming they missed numerous red flags. board of directors also named. >> a magnetic lawsuit. you see the press release go out and someone has to boiler plate to say, okay, we're the accountants, we're the ban
beyond the fiscal cliff. he's got lots of views. >> does he pull punches about bernanke? >> there's a couple comments i think we'll run in the 7:00 or 8:00 hour, he's diplomatic about it, but if you listen very carefully, i think you know where he stands on a lot of the stuff. he talks about the punch bowl and having to take around the punch bowl before -- >> the lead story in the journal -- >> the fed stimulus. we're back again. >> operation twist is supposed to...
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Jul 31, 2012
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getting us away from this fiscal cliff soon enough to avoid damage. >> are we in a new normal? you were alive for the carter years, and you saw what happened in the '80s and '90s. i think we were -- at least my outlook -- i never that you had i could buy a house and the misery index was 24%. we came back bigger and better than ever. is that the thing of the past now, or could it happen again? >> it could happen again. we have two big near-term challenges, europe and the fiscal cliff. things are happening in energy markets that are exciting and could give it a sustained boost. >> natural gas was fascinating. the nuclear is. >> a lot of our problems are solvable. we came very close last summer, by all media accounts we came close to the two sides coming together, and maybe that will happen again. it will be a lot worse before we get there. >> could you see interest rates like that again down the road where you talk about 18%, 19%, 20%? >> any first mortgage was a 30-year mortgage 16.5%. we're not going back there. >> we'll never go back there? >> no. i don't think so. one of the
getting us away from this fiscal cliff soon enough to avoid damage. >> are we in a new normal? you were alive for the carter years, and you saw what happened in the '80s and '90s. i think we were -- at least my outlook -- i never that you had i could buy a house and the misery index was 24%. we came back bigger and better than ever. is that the thing of the past now, or could it happen again? >> it could happen again. we have two big near-term challenges, europe and the fiscal...
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Nov 19, 2012
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largely because concerns about the standoff in washington over how to deal with the fiscal cliff. well talk about all of these issues at play with two special guest hosts. wharton professor of finance jeremy siegel and trusted american businessman steve forbes. both onset and ready to start this discussion at 6:00. first, though, andrew has a few of the top business headlines. >>> let's talk about some of the headlines this morning. cisco systems buying cloud network start up meraki for $1.2 billion in cash. it was founded in 2006 by members of m.i.t.'s laboratory for computer science. joe, i don't know if you take credit for any of that. bp plans to spend up to $5.9 billion buying back stock. last week the oil giant agreed to pay record criminal penalties over the deepwater horizon disaster. and americans are carrying more credit card debt and being less diligent about making on time payments. trans union now reporting that average credit card debt for borrowers grew 4.9% in the third quarter and meantime the rate of credit card payments at least 93 days overdue rose slightly to
largely because concerns about the standoff in washington over how to deal with the fiscal cliff. well talk about all of these issues at play with two special guest hosts. wharton professor of finance jeremy siegel and trusted american businessman steve forbes. both onset and ready to start this discussion at 6:00. first, though, andrew has a few of the top business headlines. >>> let's talk about some of the headlines this morning. cisco systems buying cloud network start up meraki...
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Sep 28, 2012
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. >>> and avoiding the fiscal cliff. what washington budget battle and tax policy could be doing to the economy. national bureau of economic research president james peterma is here to explain. >>> plus, it's a smartphone showdown. could the latest results have blackberry maker research in motion gaining ground on apple? get the information behind the numbers. the second hour of "squawk box" begins right now. >>> happy friday, everybody, i'm becky quick along with andrew ross sorkin and joe kernen and here's your line-up for the final day of the trading week. we'll kick things off with "vanity fair" contributing editor and cnbc contributing editor beththy mcclain. and we'll talk about the chances of the u.s. slipping back to recession with ceo and professor james poterba, we heard things from an analyst that gave us scary thoughts. at 8:00 eastern time the ceo of research in motion joins us in a first on cnbc interview. the company reporting results last night that were better than expected. we'll have more on those numb
. >>> and avoiding the fiscal cliff. what washington budget battle and tax policy could be doing to the economy. national bureau of economic research president james peterma is here to explain. >>> plus, it's a smartphone showdown. could the latest results have blackberry maker research in motion gaining ground on apple? get the information behind the numbers. the second hour of "squawk box" begins right now. >>> happy friday, everybody, i'm becky quick...
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Oct 26, 2012
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. >> fiscal cliff still about two months away, but the combination of scheduled tax hikes and spending cuts may already be impacting the economy. the "washington post" citing a report by the national association of manufacturer's says companies are bracing for the fallout by cutting jobs and delaying big purchases. government data shows business investment stalled in september. the report goes on to say if congress fails to address the cliff, 6 million jobs could be lost over the next year, that would push unemployment to near 12%. and what we're hearing is not a whole lot different than what we're hearing from the eceos. let's look at stocks that could move. expedia earned $1.32ed a share.. let's look at stocks that could move. expedia earned $1.32ed a share. results were driven by strong hotel bookings.d a share. results were driven by strong hotel bookings. a share. results were driven by strong hotel bookings. deckers 14 cents above estimates. revenue was short of consensus. an footwear maker also lowered current quarter guidance as sales of its ugg shoes declined. i have a pair th
. >> fiscal cliff still about two months away, but the combination of scheduled tax hikes and spending cuts may already be impacting the economy. the "washington post" citing a report by the national association of manufacturer's says companies are bracing for the fallout by cutting jobs and delaying big purchases. government data shows business investment stalled in september. the report goes on to say if congress fails to address the cliff, 6 million jobs could be lost over...
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Jul 12, 2012
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sense to overrule politics, and that's a tough thing in washington, as al can tell you. we've been around the senate and the house. we probably have as many as 45 to 47 senators, equal number of republicans and democrats, who are in support of our efforts. we've got about 150 house members again relatively equal. we put together a ceo fiscal leadership council, which is, has over 100 fortune 500 ceos who are actively working to try to influence congress to do something that makes just plain common sense, and we've got a social media campaign that we're working on, where we hope to get about 10 million signatures of people around the country to tell congress, come on, let's put partisanship aside, and let's pull together and let's face this enormous fiscal problem that we have coming up. >> with all that on your side, why do you think that the odds are we do go over the fiscal cliff? >> because it's politically painful. it's really tough to get beat. >> and it's not going to get less painful in the future. that's the other thing about it. if you had some kind of a disease
sense to overrule politics, and that's a tough thing in washington, as al can tell you. we've been around the senate and the house. we probably have as many as 45 to 47 senators, equal number of republicans and democrats, who are in support of our efforts. we've got about 150 house members again relatively equal. we put together a ceo fiscal leadership council, which is, has over 100 fortune 500 ceos who are actively working to try to influence congress to do something that makes just plain...
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Nov 6, 2012
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>> but that's in washington. i don't care what we do with the fiscal cliff. we've got to be realistic. we've got these enormous obligations that are mounting at the state and county level with pensions, we're only exacerbating the problem with 1% and 2% interest rates. when you got an assumed rate of return of 7.5 or 8, you're going 75% in the hole every year on your difference. >> is that the federal reserve's fault for keeping rates low for so long? >> it's unnatural. it shouldn't be -- look, i understand why we're doing it, but the stimulus did not work. say what you will, whatever you want. it did not work. that was, by the way there was a wonderful sign, it showed all of the things that happen in the private sector. look at the amount of money that was poured into these startup companies by the government, bankrupt, bankrupt, bankrupt, bankrupt, bankrupt. >> if obama does win, what happens? meaning this politically divided partisan rancor, does it continue? do people stop? i can see if romney wins how potentially it could stop and it will be a good thing
>> but that's in washington. i don't care what we do with the fiscal cliff. we've got to be realistic. we've got these enormous obligations that are mounting at the state and county level with pensions, we're only exacerbating the problem with 1% and 2% interest rates. when you got an assumed rate of return of 7.5 or 8, you're going 75% in the hole every year on your difference. >> is that the federal reserve's fault for keeping rates low for so long? >> it's unnatural. it...
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May 23, 2012
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on the question of how the markets will act as the fiscal cliff gets closer i think that's the giant imponderable. if there is market instability well before the december 31st expiration date that could, of course, put so much pressure on washington that they would be an extension just to relieve the market instability. no one really knows the answer to that question because it is too far off. i happen to think that the odds on severe market instability are relatively low but i know some very smart people a lot smarter than i am on markets who disagree with that. right now it is too far off to judge. >> you are a supporter of the president. one of the conversations we have been having is about private equity and the campaign made against private equity and mitt romney. i'm curious where you come down on the issue? >> i view private account as another segment of finance. >> is the campaign misguided? >> no. i think it's fair game to talk about what romney's record is and what the ups and downs have been. >> you saw what corey booker said on "meet the press" do you agree with him? >> i
on the question of how the markets will act as the fiscal cliff gets closer i think that's the giant imponderable. if there is market instability well before the december 31st expiration date that could, of course, put so much pressure on washington that they would be an extension just to relieve the market instability. no one really knows the answer to that question because it is too far off. i happen to think that the odds on severe market instability are relatively low but i know some very...
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. >> well, what do you think would happen if we went off the fiscal cliff? what would you see in your business, mike? >> oh, it would be extremely disruptive. even for a short period of time. and i am concerned about december. december is our biggest month of the year. the last ten days of the year are the most intense automotive retail period ever. and if we get the situation where we're teeters over the fiscal cliff or over the fiscal cliff even for a short period of time, in that very crucial period, that's a concern. it could be disruptive. >> mike, if you got your -- i mean, are you the biggest company in florida? i think you are, aren't you? >> publicly traded company in florida on a revenue basis. >> do chads still hang down there? do you got some new machines or something? we're not going to go through that again, are we? >> no, we've really figured out how to count votes down here. >> which way is florida going to go? you're on the ground. >> i think florida is going for governor romney. >> do you care? >> and i think that's -- and very interesting,
. >> well, what do you think would happen if we went off the fiscal cliff? what would you see in your business, mike? >> oh, it would be extremely disruptive. even for a short period of time. and i am concerned about december. december is our biggest month of the year. the last ten days of the year are the most intense automotive retail period ever. and if we get the situation where we're teeters over the fiscal cliff or over the fiscal cliff even for a short period of time, in that...
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Dec 11, 2012
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the fiscal cliff. good morning again, everybody. i'm becky quick. here is what we know right now. the pace of private talks picking up speed as we now have just 20 days left. however, neither the white house nor house speaker boehner's office are giving any public indication that either side is yet prepared to give up real ground. on a road trip yesterday, president obama indicated that he is willing to compromise, just not on that point about an increase in tax for relthy americans. meantime, speaker boehner says he is still waiting on specific spending cuts. joining us now for analysis, tony fratto, of hamilton place strategies and former white house press secretary and gerald bernstein former economic adviser to vice president joe biden. gentlemen, thank you for being here with us and getting this special day of coverage kicked off for us. >> rising early and rising above. >> exactly. let's talk about this. jared, it seems like things have gotten quieter. do you think that's the case? is that a good
the fiscal cliff. good morning again, everybody. i'm becky quick. here is what we know right now. the pace of private talks picking up speed as we now have just 20 days left. however, neither the white house nor house speaker boehner's office are giving any public indication that either side is yet prepared to give up real ground. on a road trip yesterday, president obama indicated that he is willing to compromise, just not on that point about an increase in tax for relthy americans. meantime,...
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Nov 16, 2012
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done now. >> getting something done and avoiding the fiscal cliff are not necessarily the same. >> no. i think avoiding the fiscal cliff is a critical and fundamental near term step but getting something done would be more of a strategic package of actions that are meant to really restart and jumpstart american competitiveness. all of our data show that the underlying conditions, the underlying costs of doing business in the u.s. are still out of line and we don't look quite as bad as we did a year ago because europe looks worse and japan is really stagnant, but if you look at what's going on outside of those slow growth areas we see a tremendous amount of vitality, a lot of improvement in regulatory costs and so forth and we simply have to realize that the american economy we've known since world war ii, which has been in a preemnint position is really under threat and we must take action. >> professor thank you for your time today. >> thanks, becky. >> this looks like something people aren't going to want to get on in. the republicans wanted to put off the defense spending cuts with
done now. >> getting something done and avoiding the fiscal cliff are not necessarily the same. >> no. i think avoiding the fiscal cliff is a critical and fundamental near term step but getting something done would be more of a strategic package of actions that are meant to really restart and jumpstart american competitiveness. all of our data show that the underlying conditions, the underlying costs of doing business in the u.s. are still out of line and we don't look quite as bad...
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Sep 25, 2012
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that's not what we want. >> are regoing to go over the fiscal cliff? >> i don't think we're going to go over the fiscal cliff. we got to win this election first and we've got to make sure that we continue down the path that really the house of representatives has tried to go for the last two years which is trying to solve the problems. we came in and said we're going to tell the truth, we're not going to sweep the problems under the carpet and put some solutions on the table and i think the election will demonstrate we're ready to do that as a country. >> but not going over the fiscal cliff may very well require compromise from each party. are you ready to compromise and would you do that to keep us from going over the ifisical cliff? >> becky, we have always been willing to sit down and talk about how we can cooperate together, and we have always said to the president, to harry reid and others, listen, if you feel it's so necessary to add to the tax burden of the working families and small businesses of this country, at least join us in fixing the pro
that's not what we want. >> are regoing to go over the fiscal cliff? >> i don't think we're going to go over the fiscal cliff. we got to win this election first and we've got to make sure that we continue down the path that really the house of representatives has tried to go for the last two years which is trying to solve the problems. we came in and said we're going to tell the truth, we're not going to sweep the problems under the carpet and put some solutions on the table and i...
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Jun 21, 2012
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we have a meteor down there and then a fiscal cliff that they will let $500 billion of fiscal contraction hit by accident unless they do something about it. >> you don't think they will do something about it. >> that's the logical thing. washington is not logical. what we're seeing now is totally by accident. fiscal contraction, 500 billion next year. 60% tax increases, 40% out lay cuts. did anybody ever ask for that mix? >> alan, thank you very much for coming in. always appreciate talking to you. >> coming thunder morning top stories and dynamic reporter duo, two men look at the direct line to ben bernanke. summer in new york state has something different for everyone to love. discover what you love. visit ilovenewyork.com to plan your summer trip now. laces? really? slip-on's the way to go. more people do that, security would be like -- there's no charge for the bag. thanks. i know a quiet little place where we can get some work done. there's a three-prong plug. i have club passes. [ male announcer ] get the mileage card with special perks on united, like a free chec
we have a meteor down there and then a fiscal cliff that they will let $500 billion of fiscal contraction hit by accident unless they do something about it. >> you don't think they will do something about it. >> that's the logical thing. washington is not logical. what we're seeing now is totally by accident. fiscal contraction, 500 billion next year. 60% tax increases, 40% out lay cuts. did anybody ever ask for that mix? >> alan, thank you very much for coming in. always...
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Dec 26, 2012
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i don't particularly like the fiscal cliff in terms of its composition. but there's little doubt that if your number one concern is the short to medium term deficit, cutting taxes will do some of that. more than what other people are talking about. in that regard, there is, i guess, some silver lining. but again, it's never going to stay. what do they replace it with, who knows. we're going to go into the inauguration, i think, it looks like at this point. >> other than that, how does the market look? >> we're pretty optimistic here, despite everything that's going on. the stock market continues to power higher. the economy continues to power higher. power is not the right word, but things are getting better. if we can get past this childish, foolish debate, it's certainly not the worst environment we've ever seen. rick santelli brought up something about how he insinuated capitalism has unleashed the global economy over the last 200 years.
i don't particularly like the fiscal cliff in terms of its composition. but there's little doubt that if your number one concern is the short to medium term deficit, cutting taxes will do some of that. more than what other people are talking about. in that regard, there is, i guess, some silver lining. but again, it's never going to stay. what do they replace it with, who knows. we're going to go into the inauguration, i think, it looks like at this point. >> other than that, how does the...
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Nov 9, 2012
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they're concerned about the fiscal cliff and what the government will look like. right now it looks like unless we get some working together of the government, we're not going to be able to be former government, we'll be where we were the last two years with the two sides in fox holes shooting at each other and for business uncertainty is the worst thing they can have, not knowing what are the rules of obama care, what are the tax rules of the fiscal cliff and of course the industry, with he loan a lot of money to the oil and gas industry, what is president obama going to do with the epa and what are going to be the rules on the oil and gas industry. so this uncertainty is really making business people extremely nervous and not encouraging them to come to the bank and borrow money at this point. >> rusty, i think that the president has a base, but the reason you need a base is to get reelected. once you don't need that -- he has the ability to tack to the center right now and then could end up things get fixed pretty well and the economy gets fixed pretty well and
they're concerned about the fiscal cliff and what the government will look like. right now it looks like unless we get some working together of the government, we're not going to be able to be former government, we'll be where we were the last two years with the two sides in fox holes shooting at each other and for business uncertainty is the worst thing they can have, not knowing what are the rules of obama care, what are the tax rules of the fiscal cliff and of course the industry, with he...
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Dec 21, 2012
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find out how traders are feeling about the fiscal cliff and beyond. here's the futures right now. they haven't gotten much worse. >>> till to come on "squawk box," a little holiday cheer from cee lo green. >> what do you want for christmas? >> for christmas? ♪ all i need is love >> musician, producer, and star of "the voice" talks up his new holiday album and gets "squawk" into the spirit of the season. ♪ make me crazy ♪ does that make me crazy she knows the potential for making or losing money can pop up anytime. that's why she trades with the leader in mobile trading. so she's always ready to take action, no matter how wily... or weird... or wonderfully the market's behaving... which isn't rocket science. it's just common sense. from td ameritrade. >>> welcome back, everybody. only a few trading days left in 2012. joining us is boris schlossberg. our guest hosts barry snap and roger altman are here, as well. japan had been driving things until we went over this plan "b" not being brought to the house floor last night. how did that change the dynamic? >> you know, i think b
find out how traders are feeling about the fiscal cliff and beyond. here's the futures right now. they haven't gotten much worse. >>> till to come on "squawk box," a little holiday cheer from cee lo green. >> what do you want for christmas? >> for christmas? ♪ all i need is love >> musician, producer, and star of "the voice" talks up his new holiday album and gets "squawk" into the spirit of the season. ♪ make me crazy ♪ does that...
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Nov 12, 2012
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plus the looming economic risks of the fiscal cliff. the nation's largest auto retailer tells us why washington's failure to come up with a solution could mean trouble on car lots. sfx- "sounds of african drum and flute" look who's back. again? it's embarrassing it's embarrassing! we can see you carl. we can totally see you. come on you're better than this...all that prowling around. yeah, you're the king of the jungle. have you thought about going vegan carl? hahaha!! you know folks who save hundreds of dollars by switching to geico sure are happy. how happy are they jimmy? happier than antelope with night-vision goggles. nice! get happy. get geico. fifteen minutes could save you fifteen percent or more. >>> equity futures are up about 25 points or so. making headlines, sky fall, james bond taking in $87.8 million in ticket sales. that's the biggest opening in the franchisee history. global sales for sky fall topped $518 million already. unbelievable. >> let's talk autos. and a little bit of the fiscal cliff. the risks of the u.s. goin
plus the looming economic risks of the fiscal cliff. the nation's largest auto retailer tells us why washington's failure to come up with a solution could mean trouble on car lots. sfx- "sounds of african drum and flute" look who's back. again? it's embarrassing it's embarrassing! we can see you carl. we can totally see you. come on you're better than this...all that prowling around. yeah, you're the king of the jungle. have you thought about going vegan carl? hahaha!! you know folks...
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Oct 18, 2012
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let's talk about the fiscal cliff. the financial services forum is calling on lawmakers in washington to rise above and get a deal done before the nation heads over the fiscal cliff. aim mond eamon javers has the details. >> 15 of the nation's most you powerful wall street ceos, all signing the letter going to capitol hill and the white house. they want to see some kind of a deal by the end of the year. they're saying the u.s. economy is at stake here. take a listen to what else they said. they say the still fragile u.s. economy can not sustain and the american people do not deserve the impact of more gridlock in washington. we urge you to negotiate a bipartisan agreement as quickly as possible to prevent us from going over the fiscal cliff. take a look at some of the power players who signed this letter this morning. lloyd blankfein, jamie dimon james gorman, wribrian moneynih. and also michael corbat. so clearly a message being sent to washington. the question is whether washington can resolve any of this issues that
let's talk about the fiscal cliff. the financial services forum is calling on lawmakers in washington to rise above and get a deal done before the nation heads over the fiscal cliff. aim mond eamon javers has the details. >> 15 of the nation's most you powerful wall street ceos, all signing the letter going to capitol hill and the white house. they want to see some kind of a deal by the end of the year. they're saying the u.s. economy is at stake here. take a listen to what else they...
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both parties are trying to avoid the fiscal cliff. the men had a frank discussion and the lines of communication remain open, although no specific details were released. the meeting came after frustration in washington. this was house speaker boehner earlier in the day. >> republicans want to solve this problem by getting the spending line down. the president wants to pretend the spending isn't a problem. that's why we don't have an agreement. >>> president obama remains hopeful that a deal will get done. he he told a cbs affiliate that he's willing to do a lot more in cuts and spending, i seas, paired up with a little more in revenue. we're going to talk more about this with john harwood in just a few minutes. >> mcafee today. >> today. >> you're doing -- >> i can't even get over it. >> i think he's in florida, right? >> are you going to ask him all those -- you know when you get a guy, you like to needle them with questions they don't want to hear? just don't get him too mad at you, that's all i'm -- because we don't know all the fa
both parties are trying to avoid the fiscal cliff. the men had a frank discussion and the lines of communication remain open, although no specific details were released. the meeting came after frustration in washington. this was house speaker boehner earlier in the day. >> republicans want to solve this problem by getting the spending line down. the president wants to pretend the spending isn't a problem. that's why we don't have an agreement. >>> president obama remains hopeful...
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two seasoned washington strategists join forces to deal with the major sticking points on the fiscal cliff negotiations. find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... [ all ] i'm with scottrade. >>> fiscal cliff talks heading into the 11th hour. >> u.s. economy is at stake here. >> you cannot pass a bill with just republicans. on a broad thing like this, you need both. >> but will anyone rise above and get it done? a debate from both sides of the aisle. plus guest host jason trennert on the impact for the markets. >> the final details on retail. the winners and losers as last-minute shoppers make one final rush to get the latest deals. >> i got it. i got it. >> the second hour of "squawk box" starts right now. ♪ chestnuts roasting on an open fire. jack fra
two seasoned washington strategists join forces to deal with the major sticking points on the fiscal cliff negotiations. find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying......
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we've got a fiscal cliff now. we have the fiscal abyss next year. we need to say, don't come home. no deal, no break. members should be in washington at least five days a week like every other american and not leave until they deal with the fiscal cliff this year or until we get a grand bargain next year. they would pull off seven times more days -- >> david faber tweeted this morning that they should be locked in a room and forced to listen to the animal orchestra until they have a deal. >> david faber's hair. >> you put them in a room. you tell them they're going to sit there until the deal is done. day three, no more food. day five, no water. day seven, the waterboarding begins. that would get it done. >> and the president should be there, too. >> the president does work five days a week. >> but not in the same room. but he is home. he's already home. >> but listen, they spend too much time raising money. if they did a good job, they wouldn't have to raise as many money. if they got paid for performance, they wouldn't have any money. >> are you going to run for linda mcmahon's s
we've got a fiscal cliff now. we have the fiscal abyss next year. we need to say, don't come home. no deal, no break. members should be in washington at least five days a week like every other american and not leave until they deal with the fiscal cliff this year or until we get a grand bargain next year. they would pull off seven times more days -- >> david faber tweeted this morning that they should be locked in a room and forced to listen to the animal orchestra until they have a deal....
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Oct 12, 2012
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as the fiscal cliff near, steve liesman sat down with lloyd blankfein, alan simpson and irs skin bowles. >> people won't understand how critical this time in history is. we have $7.7 trillion worth of economic events that will hit america in the gut in december. and in washington they're doing nothing about it. nothing abit. we should be asking these guys running for president and every guy running for congress what are you going to do? >> we're accepting the challenge to do something about the looming fiscal cliff, so this morning we will ask each of our guests about the stakes and consequences for action and inaction. blankfein predicts that there would an huge positive impact on the economy and the markets if a bipartisan compromise is reached. he says he would be a buyer of the market as a result. plus andrew has a great line of corporate leaders. >> thank you, becky. and did you a remarkable job last night. so congratulations on this. we're here a ron baron, marking the 30th anniversary of his company. and as he does every year, he's bringing together his investors and the company
as the fiscal cliff near, steve liesman sat down with lloyd blankfein, alan simpson and irs skin bowles. >> people won't understand how critical this time in history is. we have $7.7 trillion worth of economic events that will hit america in the gut in december. and in washington they're doing nothing about it. nothing abit. we should be asking these guys running for president and every guy running for congress what are you going to do? >> we're accepting the challenge to do...
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i mean, the fiscal cliff we're watching very, very closely. obviously yesterday, you said it joe, yesterday's moves were exceptionally bold. the markets kind of look through them. i think the markets are trying to digest what exactly it means. and how the fed is really going to behave going forward and what the 6.5% means. we're very, very focused on these issues, too. >> you're back here in new york. so we didn't get you up at 5:00 in the morning. all right. neel, thank you. >> thanks very much. >> we'll see you. >> coming up, gm set to unveil two new pickup trucks. cnbc's phil lebeau going to join us next with president of gm north america. and at the bottom of the hour, the government's latest read on employment, inflation, and the consumer. we're going to get jobless claims, ppi and retail sales numbers. well, having a ton of locations doesn't hurt. and a santa to boot! [ chuckles ] right, baby. oh, sir. that is a customer. oh...sorry about that. [ male announcer ] break from the holiday stress. fedex office. [ male announcer ] i have obli
i mean, the fiscal cliff we're watching very, very closely. obviously yesterday, you said it joe, yesterday's moves were exceptionally bold. the markets kind of look through them. i think the markets are trying to digest what exactly it means. and how the fed is really going to behave going forward and what the 6.5% means. we're very, very focused on these issues, too. >> you're back here in new york. so we didn't get you up at 5:00 in the morning. all right. neel, thank you. >>...
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cliff before pulling back, becoming an increasingly likely scenario in washington. >> i can tell you why, i've even said it, if you let all the bush tax cuts expire the deficit is easier to handle and a lot of the cuts we'll never get them done unless it's sequestration. >> conservatives want that. >> there would be some pain but a lot of people say we haven't had any pain. >> there are a lot of fiscal purists who say we need this tough medicine. >> the hard thing to understand about the democrats, that's been the democrats' playbook for the last year. it's not hard to understand at all, the president for the last year, everything he's introduced was contingent upon taxing the two higher ends and he knew it wouldn't happen with the congress he had, immediately cast the republicans as obstructionists and able to go on "60 minutes" saying they haven't done anything i wanted. that's been the playbook for the last year, that thing you just gave, has been the playbook right out of the axelrod white house. >> here is the nuance this time around if you let the sequestration happen and you l
cliff before pulling back, becoming an increasingly likely scenario in washington. >> i can tell you why, i've even said it, if you let all the bush tax cuts expire the deficit is easier to handle and a lot of the cuts we'll never get them done unless it's sequestration. >> conservatives want that. >> there would be some pain but a lot of people say we haven't had any pain. >> there are a lot of fiscal purists who say we need this tough medicine. >> the hard thing...
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>>> looming fiscal cliff, europe's debt crisis, political gridlock in washington wrecking havoc on the jobs and economic outlook. joining us is jared bernstein, a senior fellow and also a cnbc contributor and governor scott walker on set this morning, the guest host this morning. gentlemen, jared, good to see you. what do you make of the unemployment number and the employment report we saw on friday with the -- what many would say not strong enough job growth in the united states? >> i would agree with that. many of us were looking to see if the number of june confirm what is looks like a down shift in the growth rate of jobs for the prior two months. i think that two most important numbers are following. 225,000, that's average job growth per month in the first quarter of last year. 75,000, that's average job growth in the second quarter. so, you know, you just gave a very compelling if not depressing list of the factors, the headwinds pushing back against the economy right now. >> that to the problem is europe? why aren't we seeing job creation at this point? >> you it's obvious and
>>> looming fiscal cliff, europe's debt crisis, political gridlock in washington wrecking havoc on the jobs and economic outlook. joining us is jared bernstein, a senior fellow and also a cnbc contributor and governor scott walker on set this morning, the guest host this morning. gentlemen, jared, good to see you. what do you make of the unemployment number and the employment report we saw on friday with the -- what many would say not strong enough job growth in the united states?...
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all business all the time. >> industrials to the fiscal cliff. >> exactly. a quick break now. the morning's top stories when we return. that's what we'll have. >> plus the man of the hour, erskine bowles. find out whether he thinks washington can avert economic disaster. the courage to rise above when skwaux box returns. try running four. fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. you won't take our future. aids affects us all. even babies. chevron is working to stop mother-to-child transmission. our employees and their families are part of the fight. and we're winning. at chevron nigeria, we haven't had a reported case in 12 years. aids is strong. aids is strong. but we are stronger. and aids... ♪ aids is going to lose. aids is going to lose. ♪ made a retirement plan, they considered all her assets, even those held elsewhere, giving her the
all business all the time. >> industrials to the fiscal cliff. >> exactly. a quick break now. the morning's top stories when we return. that's what we'll have. >> plus the man of the hour, erskine bowles. find out whether he thinks washington can avert economic disaster. the courage to rise above when skwaux box returns. try running four. fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put...
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. >> which is an issue about the fiscal cliff we don't talk about, the uncertainty. it's not about taxes but it is about not being able to come to an agreement in washington about what we're doing going forward, which obviously has the impact on the immediate budget but also has long range planning issues for industries across the country. it's a big issue. >> you look at his stock for half a second because jim made a point before you came on about how this, i mean take a look at this. >> we need much farther back. >> we should go further back than a year. >> it's remarkable, there you go, a remarkable success story. >> businesses and probably maybe initially for, there may have been some overlap and i don't know whether there were any job losses initially but eventually you're adding jobs and this has been an entrepreneurial success to put these companies together and run them efficiently. >> 1996, when we went public, we had about 350 employees. we now have about 12,500 and we've grown our companies, both internally and through acquisition. >> a good, solid manufac
. >> which is an issue about the fiscal cliff we don't talk about, the uncertainty. it's not about taxes but it is about not being able to come to an agreement in washington about what we're doing going forward, which obviously has the impact on the immediate budget but also has long range planning issues for industries across the country. it's a big issue. >> you look at his stock for half a second because jim made a point before you came on about how this, i mean take a look at...
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. >> last week in "the washington post," barack obama said he will drive us off the fiscal cliff if he doesn't get his way on the upper income tax bracket. that upper income tax bracket is all about a small business income tax cut because of how many file at that level, so that for me, the nfib small business survey is already at recessi recessionary levels. if barack obama wins and drives us off the fiscal cliff we get a negative shock and go the other way. if mitt romney wins, he will be elected with a mandate to do pro-growth tax reform. small business will bounce undoubtedly like it did in 2010 and we'll have a potential way out of it provided we get into 2013 he can work with the congress and get something done on the tax reform side. so for me it's pretty, you know, it's just one or the other at this point. we're either mark farber is close to the truth or we can get a decent bounce going. >> john i know you look at the fiscal cliff and probably pretty worried about what happens. do you think that it's going to matter who's elected in terms of whether or not we go over the fiscal
. >> last week in "the washington post," barack obama said he will drive us off the fiscal cliff if he doesn't get his way on the upper income tax bracket. that upper income tax bracket is all about a small business income tax cut because of how many file at that level, so that for me, the nfib small business survey is already at recessi recessionary levels. if barack obama wins and drives us off the fiscal cliff we get a negative shock and go the other way. if mitt romney wins,...
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but there's still the issues of that fiscal cliff. this morning, we're calling on leaders to solve this, to rise above partisan politics and come together to find a solution and save the u.s. economy from going down a dangerous road. it is wednesday, november 7th, the day after and a special early presentation of "squawk box" follows the late presentation that we had yesterday. but it starts right now. >>> good morning, everyone. welcome to "squawk box" here on cnbc. and yes, we know it's only 5:00 a.m. on the east coast, but you don't have to double check your clocks. on the morning after election day, we couldn't wait until 6:00 a.m. to get back on the air. the american public handing president obama four more years in the white house. meantime, the balance of power stays the same in the senate. this morning, we have two main items on the squawk agenda. after months of handicapping the race, we'll find out how the global markets react to the decision and ask how you need to position your portfolio. we have a number of people on hand
but there's still the issues of that fiscal cliff. this morning, we're calling on leaders to solve this, to rise above partisan politics and come together to find a solution and save the u.s. economy from going down a dangerous road. it is wednesday, november 7th, the day after and a special early presentation of "squawk box" follows the late presentation that we had yesterday. but it starts right now. >>> good morning, everyone. welcome to "squawk box" here on...